Business Studies Unit 1

What is a gap in the market

• A hole in a market roof

• No markets in a meter square

• Lack of good and services in a certain area

• None of the above

What is primary research?

• Collecting data first hand, which no one else has collected.

• Searching the internet for stats.

• Collecting newspapers.

• None of the above

Which one is the odd one out with regards to market research?

• Focus groups

• Internet

• Telephone directory

• Books

What is considered the most important skill or quality found in entrepreneur?

• Aggressiveness

• Decisiveness

• Having rich parents

• Being careful to avoid risks

An example of a service is

• Petrol

• Diesel

• Taxi Ride

• Shoes

Using the internet is a form of what type of market research

• Focus Group

• Secondary Research

• Primary Research

• Segmentation

Which one is a non-financial objective?

• increased income

• greater work satisfaction

• maximise profits

• more wealth

A sole trader has how many owners

• 1

• 2

• 3

• Many

Which one of the following is not a primary method

• Internet

• Focus Group

• Questionnaire

• Interview

Which one of the following is NOT a benefit of collecting market research?

• To find out what customers want

• To find out how much tax needs to be paid

• To identify gaps in the market

• To inform the marketing mix